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Mask Investments Limited

ISIN : INE885F01015
NSE : MASKINVEST
Face Value : 10
Industry : Finance - Investment

EPS : 0.07
EPS (TTM) : 0.09
Price to Earning (P/E) : 2491.86
Book Value : 321.39
Price to Bookvalue (P/B) : 0.54
Dividend Yield : 0 %
Return on Equity (ROE) : 0.07 %
Return on Capital Employed (ROCE) : 0.12 %

Mask Investments share price (28-Mar-2025)
National Stock Exchange NSE
Open / Close	174.43 - 174.43 0 %
Low / High	174.43 - 174.43 0 %
Trade Volume	8
52 Week Low / High	0 - 0 NAN %

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Consolidated Standalone

CONSOLIDATED QUARTERLY RESULT FOR MASK INVESTMENTS LIMITED

Date End	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
No of months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Net Sales	1.06	0.26	0.55	1.66	0.61	0.39	0.39	4.9	1.76	0.38
Total Income	1.06	0.26	0.56	1.66	0.61	0.39	0.39	4.9	1.76	0.38
Total Expenditure	0.85	0.51	0.2	0.59	0.75	0.57	0.32	1.72	4.37	0.5
Other Income			0.01						0.01
Operating Profit	0.21	-0.25	0.36	1.07	-0.14	-0.18	0.07	3.18	-2.61	-0.12
Interest					0.25	0.07	0.07	0.03
PBDT	0.21	-0.25	0.36	1.07	-0.39	-0.25		3.15	-2.61	-0.12
Profit Before Tax	0.21	-0.25	0.36	1.07	-0.39	-0.25		3.15	-2.61	-0.12
Tax	0.69	-0.06	0.1	0.27	-0.1	-0.06		0.79	-0.66
Profit After Tax	-0.48	-0.19	0.26	0.8	-0.29	-0.19		2.36	-1.95	-0.12
Net Profit	-0.48	-0.19	0.26	0.8	-0.29	-0.19		2.36	-1.95	-0.12
Equity Capital	30.52	30.52	30.52	30.52	30.52	30.52	30.52	30.52	30.52	30.52
Face Value (IN RS)	10	10	10	10	10	10	10	10	10	10
Calculated EPS	-0.16	-0.06	0.09	0.26	-0.1	-0.06		0.77	-0.64	-0.04
Diluted Eps After Extraordinary Items	-0.16	-0.06	0.09	0.26	-0.09	-0.06		0.77	-0.64	-0.04
Diluted Eps Before Extraordinary Items	-0.16	-0.06	0.09	0.26	-0.09	-0.06		0.77	-0.64	-0.04

STANDALONE QUARTERLY RESULT FOR MASK INVESTMENTS LIMITED

Date End	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
No of months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Net Sales	1.06	0.26	0.55	1.66	0.61	0.39	0.39	4.9	1.76	0.38
Total Income	1.06	0.26	0.56	1.66	0.61	0.39	0.39	4.9	1.76	0.38
Total Expenditure	0.85	0.51	0.2	0.59	0.75	0.57	0.32	1.72	4.37	0.5
Other Income			0.01						0.01
Operating Profit	0.21	-0.25	0.36	1.07	-0.14	-0.18	0.07	3.18	-2.61	-0.12
Interest					0.25	0.07	0.07	0.03
PBDT	0.21	-0.25	0.36	1.07	-0.39	-0.25		3.15	-2.61	-0.12
Profit Before Tax	0.21	-0.25	0.36	1.07	-0.39	-0.25		3.15	-2.61	-0.12
Tax	0.69	-0.06	0.1	0.27	-0.1	-0.06		0.79	-0.66
Profit After Tax	-0.48	-0.19	0.26	0.8	-0.29	-0.19		2.36	-1.95	-0.12
Net Profit	-0.48	-0.19	0.26	0.8	-0.29	-0.19		2.36	-1.95	-0.12
Equity Capital	30.52	30.52	30.52	30.52	30.52	30.52	30.52	30.52	30.52	30.52
Face Value (IN RS)	10	10	10	10	10	10	10	10	10	10
Calculated EPS	-0.16	-0.06	0.09	0.26	-0.1	-0.06		0.77	-0.64	-0.04
Diluted Eps After Extraordinary Items	-0.16	-0.06	0.09	0.26	-0.09	-0.06		0.77	-0.64	-0.04
Diluted Eps Before Extraordinary Items	-0.16	-0.06	0.09	0.26	-0.09	-0.06		0.77	-0.64	-0.04

Consolidated Standalone

CONSOLIDATED ANNUAL RESULT FOR MASK INVESTMENTS LIMITED

Date End	Mar 2022	Mar 2023	Mar 2024
No of months	12 months	12 months	12 months
Net Sales	2.2	3.08	7.43
Total Income	2.2	3.09	7.43
Total Expenditure	1.32	2.05	6.98
Other Income		0.01	0.01
Operating Profit	0.88	1.04	0.45
Interest		0.25	0.17
PBDT	0.88	0.79	0.28
Profit Before Tax	0.88	0.79	0.28
Tax	0.86	0.2	0.07
Profit After Tax	0.02	0.59	0.21
Net Profit	0.02	0.59	0.21
Equity Capital	30.52	30.52	30.52
Face Value (IN RS)	10	10	10
Calculated EPS	0.01	0.19	0.07
Diluted Eps After Extraordinary Items	0.01	0.19	0.07
Diluted Eps Before Extraordinary Items	0.01	0.19	0.07

STANDALONE ANNUAL RESULT FOR MASK INVESTMENTS LIMITED

Date End	Mar 2022	Mar 2023	Mar 2024
No of months	12 months	12 months	12 months
Net Sales	2.2	3.08	7.43
Total Income	2.2	3.09	7.43
Total Expenditure	1.32	2.05	6.98
Other Income		0.01	0.01
Operating Profit	0.88	1.04	0.45
Interest		0.25	0.17
PBDT	0.88	0.79	0.28
Profit Before Tax	0.88	0.79	0.28
Tax	0.86	0.2	0.07
Profit After Tax	0.02	0.59	0.21
Net Profit	0.02	0.59	0.21
Equity Capital	30.52	30.52	30.52
Face Value (IN RS)	10	10	10
Calculated EPS	0.01	0.19	0.07
Diluted Eps After Extraordinary Items	0.01	0.19	0.07
Diluted Eps Before Extraordinary Items	0.01	0.19	0.07

Consolidated Standalone

CONSOLIDATED PROFIT / LOSS FOR MASK INVESTMENTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023
No of Months	12 months	12 months	12 months
Operating Income	9.61 Lk	21.98 Lk	30.84 Lk
Interest income	9.61 Lk	10.71 Lk	15.81 Lk
Dividend income	0	11.27 Lk	15.03 Lk
Operating Income (Net)	9.61 Lk	21.98 Lk	30.84 Lk
Employee Cost	5.04 Lk	6.38 Lk	13.05 Lk
Salaries, Wages & Bonus	5.04 Lk	6.38 Lk	13.05 Lk
Operating & Establishment Expenses	4.03 Lk	3.82 Lk	4.21 Lk
Depository Charges	25,302	11,560	47,590
Software & Technical expenses	35,636	27,850	19,710
Administrations & Other Expenses	3.35 Lk	2.95 Lk	3.3 Lk
Printing and stationery	50	0	3,120
Professional and legal fees	2.55 Lk	2.19 Lk	2.1 Lk
Advertisement & Sales Promotion	47,981	40,560	53,650
Provisions and Contingencies	4,445	0	0
Total Expenditure	12.47 Lk	13.15 Lk	20.56 Lk
Other Income	3.76 Lk	80	6,170
Other Interest Income	0	0	6,170
Income from investments	3.76 Lk	0	0
Provision Written Back	0	80	0
Operating Profit	89,506	8.83 Lk	10.34 Lk
Interest	9,387	1,130	2.46 Lk
Profit Before Taxation & Exceptional Items	80,119	8.82 Lk	7.88 Lk
Profit Before Tax	80,119	8.82 Lk	7.88 Lk
Provision for Tax	22,342	8.58 Lk	1.98 Lk
Current Income Tax	20,164	2.22 Lk	1.98 Lk
Profit After Tax	57,777	24,170	5.9 Lk
Consolidated Net Profit	57,777	24,170	5.9 Lk
Profit Balance B/F	79.1 Lk	79.68 Lk	79.92 Lk
Appropriations	79.68 Lk	79.92 Lk	85.81 Lk
Earnings Per Share	0.02	0.01	0.19
Adjusted EPS	0.02	0.01	0.19

STANDALONE PROFIT / LOSS FOR MASK INVESTMENTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023
No of Months	12 months	12 months	12 months
Operating Income	9.61 Lk	21.98 Lk	30.84 Lk
Interest income	9.61 Lk	10.71 Lk	15.81 Lk
Dividend income	0	11.27 Lk	15.03 Lk
Operating Income (Net)	9.61 Lk	21.98 Lk	30.84 Lk
Employee Cost	5.04 Lk	6.38 Lk	13.05 Lk
Salaries, Wages & Bonus	5.04 Lk	6.38 Lk	13.05 Lk
Operating & Establishment Expenses	4.03 Lk	3.82 Lk	4.21 Lk
Depository Charges	25,302	11,560	47,590
Software & Technical expenses	35,636	27,850	19,710
Administrations & Other Expenses	3.35 Lk	2.95 Lk	3.3 Lk
Printing and stationery	50	0	3,120
Professional and legal fees	2.55 Lk	2.19 Lk	2.1 Lk
Advertisement & Sales Promotion	47,981	40,560	53,650
Provisions and Contingencies	4,445	0	0
Total Expenditure	12.47 Lk	13.15 Lk	20.56 Lk
Other Income	3.76 Lk	80	6,170
Other Interest Income	0	0	6,170
Income from investments	3.76 Lk	0	0
Provision Written Back	0	80	0
Operating Profit	89,506	8.83 Lk	10.34 Lk
Interest	9,387	1,130	2.46 Lk
Profit Before Taxation & Exceptional Items	80,119	8.82 Lk	7.88 Lk
Profit Before Tax	80,119	8.82 Lk	7.88 Lk
Provision for Tax	22,342	8.58 Lk	1.98 Lk
Current Income Tax	20,164	2.22 Lk	1.98 Lk
Profit After Tax	57,777	24,170	5.9 Lk
Consolidated Net Profit	57,777	24,170	5.9 Lk
Profit Balance B/F	79.1 Lk	79.68 Lk	79.92 Lk
Appropriations	79.68 Lk	79.92 Lk	85.81 Lk
Earnings Per Share	0.02	0.01	0.19
Adjusted EPS	0.02	0.01	0.19

Consolidated Standalone

CONSOLIDATED CASH FLOW FOR MASK INVESTMENTS LIMITED

Year End	Mar 2021	Mar 2022	Mar 2023
No of Months	12 months	12 months	12 months
Profit Before Tax	80,119	8.82 Lk	7.88 Lk
Adjustment	-3.76 Lk	-11.27 Lk	-15.03 Lk
Changes In working Capital	16.32 Lk	-25.37 Lk	36,510
Cash Flow after changes in Working Capital	13.36 Lk	-27.82 Lk	-6.78 Lk
Cash Flow from Operating Activities	13.24 Lk	-39 Lk	-7.47 Lk
Cash Flow from Investing Activities	0	0	15.03 Lk
Cash Flow from Financing Activitie	-11.24 Lk	42.3 Lk	-11.29 Lk
Net Cash Inflow / Outflow	2 Lk	3.3 Lk	-3.73 Lk
Opening Cash & Cash Equivalents	94,231	2.94 Lk	6.24 Lk
Closing Cash & Cash Equivalent	2.94 Lk	6.24 Lk	2.5 Lk

STANDALONE CASH FLOW FOR MASK INVESTMENTS LIMITED

Year End	Mar 2021	Mar 2022	Mar 2023
No of Months	12 months	12 months	12 months
Profit Before Tax	80,119	8.82 Lk	7.88 Lk
Adjustment	-3.76 Lk	-11.27 Lk	-15.03 Lk
Changes In working Capital	16.32 Lk	-25.37 Lk	36,510
Cash Flow after changes in Working Capital	13.36 Lk	-27.82 Lk	-6.78 Lk
Cash Flow from Operating Activities	13.24 Lk	-39 Lk	-7.47 Lk
Cash Flow from Investing Activities	0	0	15.03 Lk
Cash Flow from Financing Activitie	-11.24 Lk	42.3 Lk	-11.29 Lk
Net Cash Inflow / Outflow	2 Lk	3.3 Lk	-3.73 Lk
Opening Cash & Cash Equivalents	94,231	2.94 Lk	6.24 Lk
Closing Cash & Cash Equivalent	2.94 Lk	6.24 Lk	2.5 Lk

Consolidated Standalone

CONSOLIDATED BALANCE SHEET FOR MASK INVESTMENTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023
Share Capital	3.05 Cr	3.05 Cr	3.05 Cr
Equity - Authorised	3.5 Cr	3.5 Cr	3.5 Cr
Equity - Issued	3.05 Cr	3.05 Cr	3.05 Cr
Equity Paid Up	3.05 Cr	3.05 Cr	3.05 Cr
Face Value	10	10	10
Total Reserves	15.4 Cr	69.09 Cr	95.02 Cr
Profit & Loss Account Balance	79.68 Lk	79.92 Lk	85.81 Lk
Reserve excluding Revaluation Reserve	15.4 Cr	69.09 Cr	95.02 Cr
Shareholder's Funds	18.45 Cr	72.14 Cr	98.07 Cr
Long Term Provisions	31,400	31,400	31,400
Total Non-Current Liabilities	31,400	31,400	31,400
Trade Payables	4.4 Lk	9.23 Lk	17.28 Lk
Sundry Creditors	4.4 Lk	9.23 Lk	17.28 Lk
Other Current Liabilities	8,725	12,960	81,780
Short Term Borrowings	57.5 Lk	88.53 Lk	77.24 Lk
Commercial Borrowings- Unsec	57.5 Lk	88.53 Lk	77.24 Lk
Short Term Provisions	20,164	2.22 Lk	1.98 Lk
Provision for Tax	20,164	2.22 Lk	1.98 Lk
Total Current Liabilities	62.19 Lk	1 Cr	97.32 Lk
Total Liabilities	19.07 Cr	73.15 Cr	99.05 Cr
Non Current Investments	17.98 Cr	71.68 Cr	97.55 Cr
Long Term Investment	17.98 Cr	71.68 Cr	97.55 Cr
Quoted	17.95 Cr	71.64 Cr	97.51 Cr
Unquoted	3.75 Lk	3.75 Lk	3.75 Lk
Total Non-Current Assets	17.98 Cr	71.68 Cr	97.55 Cr
Unquoted	3.75 Lk	3.75 Lk	3.75 Lk
Cash and Bank	2.94 Lk	6.24 Lk	2.5 Lk
Cash in hand	38,220	7,600	5,600
Balances at Bank	2.56 Lk	6.16 Lk	2.45 Lk
Short Term Loans and Advances	1.06 Cr	1.41 Cr	1.48 Cr
Advances recoverable in cash or in kind	11,248	2,730	25,000
Total Current Assets	1.09 Cr	1.47 Cr	1.5 Cr
Net Current Assets (Including Current Investments)	46.61 Lk	46.85 Lk	52.75 Lk
Total Assets	19.07 Cr	73.15 Cr	99.05 Cr
Total Debt	57.5 Lk	88.53 Lk	77.24 Lk
Book Value	0	236.41	321.39
Adjusted Book Value	60.45	236.41	321.39

STANDALONE BALANCE SHEET FOR MASK INVESTMENTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023
Share Capital	3.05 Cr	3.05 Cr	3.05 Cr
Equity - Authorised	3.5 Cr	3.5 Cr	3.5 Cr
Equity - Issued	3.05 Cr	3.05 Cr	3.05 Cr
Equity Paid Up	3.05 Cr	3.05 Cr	3.05 Cr
Face Value	10	10	10
Total Reserves	15.4 Cr	69.09 Cr	95.02 Cr
Profit & Loss Account Balance	79.68 Lk	79.92 Lk	85.81 Lk
Reserve excluding Revaluation Reserve	15.4 Cr	69.09 Cr	95.02 Cr
Shareholder's Funds	18.45 Cr	72.14 Cr	98.07 Cr
Long Term Provisions	31,400	31,400	31,400
Total Non-Current Liabilities	31,400	31,400	31,400
Trade Payables	4.4 Lk	9.23 Lk	17.28 Lk
Sundry Creditors	4.4 Lk	9.23 Lk	17.28 Lk
Other Current Liabilities	8,725	12,960	81,780
Short Term Borrowings	57.5 Lk	88.53 Lk	77.24 Lk
Commercial Borrowings- Unsec	57.5 Lk	88.53 Lk	77.24 Lk
Short Term Provisions	20,164	2.22 Lk	1.98 Lk
Provision for Tax	20,164	2.22 Lk	1.98 Lk
Total Current Liabilities	62.19 Lk	1 Cr	97.32 Lk
Total Liabilities	19.07 Cr	73.15 Cr	99.05 Cr
Non Current Investments	17.98 Cr	71.68 Cr	97.55 Cr
Long Term Investment	17.98 Cr	71.68 Cr	97.55 Cr
Quoted	17.95 Cr	71.64 Cr	97.51 Cr
Unquoted	3.75 Lk	3.75 Lk	3.75 Lk
Total Non-Current Assets	17.98 Cr	71.68 Cr	97.55 Cr
Unquoted	3.75 Lk	3.75 Lk	3.75 Lk
Cash and Bank	2.94 Lk	6.24 Lk	2.5 Lk
Cash in hand	38,220	7,600	5,600
Balances at Bank	2.56 Lk	6.16 Lk	2.45 Lk
Short Term Loans and Advances	1.06 Cr	1.41 Cr	1.48 Cr
Advances recoverable in cash or in kind	11,248	2,730	25,000
Total Current Assets	1.09 Cr	1.47 Cr	1.5 Cr
Net Current Assets (Including Current Investments)	46.61 Lk	46.85 Lk	52.75 Lk
Total Assets	19.07 Cr	73.15 Cr	99.05 Cr
Total Debt	57.5 Lk	88.53 Lk	77.24 Lk
Book Value	0	236.41	321.39
Adjusted Book Value	60.45	236.41	321.39

Consolidated Standalone

FINANCIAL RATIOS (CONSOLIDATED) FOR MASK INVESTMENTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023
Operational & Financial Ratios
Earnings Per Share (Rs)	0.02	0.01	0.19
CEPS(Rs)	0.02	0.01	0.19
Book NAV/Share(Rs)	60.45	236.41	321.39
Tax Rate(%)	27.89	97.26	25.18
Margin Ratios
Core EBITDA Margin(%)	-29.79	40.18	33.33
EBIT Margin(%)	9.32	40.18	33.53
Pre Tax Margin(%)	8.34	40.13	25.56
PAT Margin (%)	6.01	1.1	19.12
Cash Profit Margin (%)	6.01	1.1	19.12
Performance Ratios
ROA(%)	0.05	0.01	0.07
ROE(%)	0.05	0.01	0.07
ROCE(%)	0.07	0.19	0.12
Asset Turnover(x)	0.01	0	0
Working Capital/Sales(x)	0.21	0.47	0.58
Efficiency Ratios
Valuation Parameters
PER(x)	1721.77	4380.93	226.45
PCE(x)	1721.77	4380.93	226.42
Price/Book(x)	0.54	0.15	0.14
EV/Net Sales(x)	109.24	51.91	45.71
EV/Core EBITDA(x)	1172.39	129.2	136.32
EV/EBIT(x)	1172.39	129.2	136.32
EV/CE(x)	0.55	0.16	0.14
M Cap / Sales	103.56	48.17	43.29
Growth Ratio
Net Sales Growth(%)	-17.3	64.5	40.29
Core EBITDA Growth(%)	11.48	886.85	17.09
EBIT Growth(%)	27.34	886.85	17.09
PAT Growth(%)	38.83	-58.17	2339.47
EPS Growth(%)	38.83	-58.17	2339.18
Financial Stability Ratios
Total Debt/Equity(x)	0.03	0.01	0.01
Current Ratio(x)	1.75	1.47	1.54
Quick Ratio(x)	1.75	1.47	1.54
Interest Cover(x)	9.54	781.62	4.2
Total Debt/Mcap(x)	0.06	0.08	0.06

FINANCIAL RATIOS (STANDALONE) FOR MASK INVESTMENTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023
Operational & Financial Ratios
Earnings Per Share (Rs)	0.02	0.01	0.19
CEPS(Rs)	0.02	0.01	0.19
Book NAV/Share(Rs)	60.45	236.41	321.39
Tax Rate(%)	27.89	97.26	25.18
Margin Ratios
Core EBITDA Margin(%)	-29.79	40.18	33.33
EBIT Margin(%)	9.32	40.18	33.53
Pre Tax Margin(%)	8.34	40.13	25.56
PAT Margin (%)	6.01	1.1	19.12
Cash Profit Margin (%)	6.01	1.1	19.12
Performance Ratios
ROA(%)	0.05	0.01	0.07
ROE(%)	0.05	0.01	0.07
ROCE(%)	0.07	0.19	0.12
Asset Turnover(x)	0.01	0	0
Working Capital/Sales(x)	0.21	0.47	0.58
Efficiency Ratios
Valuation Parameters
PER(x)	1721.77	4380.93	226.45
PCE(x)	1721.77	4380.93	226.42
Price/Book(x)	0.54	0.15	0.14
EV/Net Sales(x)	109.24	51.91	45.71
EV/Core EBITDA(x)	1172.39	129.2	136.32
EV/EBIT(x)	1172.39	129.2	136.32
EV/CE(x)	0.55	0.16	0.14
M Cap / Sales	103.56	48.17	43.29
Growth Ratio
Net Sales Growth(%)	-17.3	64.5	40.29
Core EBITDA Growth(%)	11.48	886.85	17.09
EBIT Growth(%)	27.34	886.85	17.09
PAT Growth(%)	38.83	-58.17	2339.47
EPS Growth(%)	38.83	-58.17	2339.18
Financial Stability Ratios
Total Debt/Equity(x)	0.03	0.01	0.01
Current Ratio(x)	1.75	1.47	1.54
Quick Ratio(x)	1.75	1.47	1.54
Interest Cover(x)	9.54	781.62	4.2
Total Debt/Mcap(x)	0.06	0.08	0.06

SHARE HOLDING PATTERN FOR MASK INVESTMENTS LIMITED

Date	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters %	72.25	72.25	72.25	72.25	72.25	72.25	72.25	72.25	72.25	72.25
FII %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DII %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public %	27.75	27.75	27.75	27.75	27.75	27.75	27.75	27.75	27.75	27.75

PEER COMPARISON FOR MASK INVESTMENTS LIMITED

No.	Name
1	Max India Limited
2	IIFL Securities Limited
3	Centrum Capital Limited
4	Sundaram Finance Holdings Limited
5	Cholamandalam Financial Holdings Limited
6	Ganges Securities Limited
7	Palash Securities Limited
8	Mask Investments Limited
9	Naga Dhunseri Group Limited
10	Max Ventures and Industries Limited
11	Pilani Investment and Industries Corporation Limited
12	Jindal Poly Investment and Finance Company Limited
13	Indo Thai Securities Limited
14	Onelife Capital Advisors Limited
15	Dhunseri Investments Limited
16	Stel Holdings Limited
17	Kalyani Investment Company Limited
18	BF Investment Limited
19	Capri Global Capital Limited
20	Welspun Investments and Commercials Limited
21	Bajaj Finserv Limited
22	Religare Enterprises Limited
23	JM Financial Limited
24	JSW Holdings Limited
25	IIFL Finance Limited
26	Nalwa Sons Investments Limited
27	Times Guaranty Limited
28	IL&FS Investment Managers Limited
29	Maha Rashtra Apex Corporation Limited
30	Rane Holdings Limited
31	Oswal Greentech Limited
32	Keynote Financial Services Limited
33	3P Land Holdings Limited
34	VLS Finance Limited
35	21st Century Management Services Limited
36	Utique Enterprises Ltd
37	AUTORIDERS FINANCE LTD
38	Goldcrest Corporation Limited
39	LKP Finance Limited
40	V.B.DESAI FINANCIAL SERVICES LTD
41	APPLE CREDIT CORPORATION LTD
42	ATN INTERNATIONAL LTD
43	Veerhealth Care Limited
44	PAN INDIA CORPORATION LTD
45	SOM DATT FINANCE CORPORATION LTD
46	ARAVALI SECURITIES & FINANCE LTD
47	SILICON VALLEY INFOTECH LTD
48	Blue Chip India Limited
49	Wealth First Portfolio Managers Limited